SnapnSave, South African e-commerce startup, allows users to get cash back from their shopping trips through its cashback grocery coupon app.
The startup has raised an undisclosed amount of funding from Vunani Capital ahead of its Series A round .
In 2017, SnapnSave raised USD 980,000 from Kalon and Smollan in two tranches, the last of which they received towards the end of last year.
SnapnSave, founded in 2015, grew rapidly to amass 350,000 users, who have earned more than USD 950,000 in rewards from submitting over 1.5 million shopping slips.
The startup plans to use the funding to scale its shopper and vendor base.
SnapnSave co-founder Mark Bradshaw said, “We are delighted to be working closely with the team at Vunani. Their expertise in understanding corporate finance and their relationships in Africa will aid the company as we prepare for a Series A raise that will allow us to expand into new markets in 2020.”
Vunani executive director Mark Anderson said, “This investment offers the Vunani group exposure to a new wave of fintech businesses that are using digital platforms to bring benefits to ordinary consumers.”
He added, “SnapnSave is our first fintech investment. We are expecting to enter into more transactions in the fintech space as we diversify our financial services offering.”
Related article: Get cash every time you shop in-store in South Africa with Snapnsave
Tina Fisher, SnapnSave co-founder said, “With promotions in retail traditionally being store-specific, more and more shoppers are signing up for SnapnSave to benefit from cash back savings available at any retailer. Leading brands like Coke, Pioneer Foods, Unilever, SC Johnson and more are working closely with SnapnSave to engage with these shoppers.”
She added that SnapnSave’s 200,000 plus grocery retail points in South Africa shows that shoppers don’t restrict themselves to one shopping outlet for their groceries.
The startup employs 25 people, up from 15 in November of 2017.
The valuation at which the funding was raised is also undisclosed.
